Work in the Time of COVID-19: FAQs for Employers

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The end of 2020 is almost here!  While most of us are ready to bid good riddance to 2020, retirement plan sponsors should be sure their plans have satisfied all year-end compliance deadlines before the celebrations begin.  Otherwise, costly penalties could result.

Retirement Plan Disclosures

As a quick reference, the following is a list of common year-end disclosure requirements for retirement plans:

Keep in mind that vendor-prepared and distributed notices are often computer-generated and may not accurately reflect special features of your plan (particularly if you use an individually designed plan or have any special addenda for your preapproved plan).  Ineffective or incorrect notices may result in confusion among your participants as well as errors and penalties.  Be sure to review all notices carefully and address any concerns or questions with your benefits counsel.

Additional Year-End Reminders

If you have questions about year-end compliance or any other benefits matter, contact a member of the employee benefits team.

 

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